<img alt="" src="https://secure.item0self.com/192027.png" style="display:none;"> Top Stories

Mintec Pricing Update - 1 February

February 1, 2022

2 mins read

 

Here is the Mintec Pricing update for the past week. Feel free to get in touch if you have any questions:

Cocoa futures in London continued to ease, and with them, products high in cocoa fat eased as well. The Mintec Benchmark Prices for Cocoa Butter EXW Western Europe [Mintec Code: COBS] fell 5.5% week-on-week, with the spot ratio declining to 2.05. On the other hand, powder prices continue to climb due to very high demand, with buyers entering the market to top up short cover. The MBP for Cocoa Powder EXW Western Europe, natural 10-12% [Mintec Code: COPL] rose to €2,500/mt.


• Increasing concerns of a price correction were reported by multiple sources in the dairy market. However, with low stock levels across the products and low milk supply, the fundamentals indicate a continued firm market. With prices increasing for substitutional products, buyers’ options for alternatives are limited as well. The Mintec Benchmark Prices for Unsalted Butter EXW EU [Mintec Code: J116] were assessed €125/mt higher on the week.


• The Mintec Benchmark Prices for Rapeseed Oil FOB Rotterdam [Mintec Code: RSOR; DH-0] eased by €49.00/mt. This was due to declining demand from the biodiesel sector who use rapeseed oil as a feedstock to produce biodiesel RME (rapeseed methyl ester). In addition to the lower RME margin, the biodiesel industry is moving away from winter grade RME. This has limited rapeseed oil demand as more rapeseed oil was being purchased to create the winter RME blend - winter grade has a higher percentage of rapeseed oil due to its anti-waxing properties which are important during colder months.


• Prices for standard 5% almonds were fairly steady last week with trades seen between $1.82-1.84/lb over the course of the assessment period. The assessment for the Mintec Benchmark Prices for standard 5% almonds [Mintec Code: NAL1] was made at $1.84/lb, in line with the last reported transaction and down 1 cent/lb on the week.
The attractive price levels led many buyers to look to increase stocks and lock in coverage for Q2 and Q3. While the price for standards remained fairly flat over the week, prices for other grades of kernels continued to dip, squeezing premiums against the baseline standard price and reducing typical spreads between size and quality grades. Prices for SSR grades were only seen 2-3 cents/lb below supreme grades last week as opposed to the typical 5 cents/lb discount seen in “normal” conditions.

Pricing Team
Pricing Team

/You May Also Like

Featured Image
The Mintec Benchmark Prices of Turkish sultanas, type 9 FOB Turkey,...
Featured Image
The Mintec Category Index (MCI) for EU vegetable oil declined by...